World optimism lifts spirits

THE share market ended comfortably higher yesterday following a lift in global sentiment as major financial stocks recovered from early losses to join all other sectors in positive territory.

The benchmark ASX 200 index closed 0.7 per cent higher at 5953.6 points, while the broader All Ordinaries was also 0.7 per cent up, at 6042.9 points.

Also, strong earnings reports in the US had helped dissipate the recent caution among local traders.

On the Australian Securities Exchange, the major lenders that were hammered earlier in the week recovered from morning losses, with only CBA.

The CBA was down 71c, or 1 per cent, at $71.54. Westpac ended 17c, or 0.6 per cent higher, at $28.30, after recovering slightly from a UBS downgrade that triggered a sell-off on Thursday. ANZ, down 1.7 per cent at lunchtime, rose to finish 6c, or 0.2 per cent, higher at $26.63 and similarly, National Australia Bank fell early but closed higher — up 0.4 per cent to $28.59.

The healthcare sector led market gains, lifting 2.4 per cent on the back of blood products giant CSL, up $4.74, or 2.8 per cent, to $170.39, and ear implant specialist Cochlear, up $5.28, or 2.8 per cent to $193.11.

A moderation in global oil prices did not impact Australian energy producers. Santos was up 0.7 per cent, to $6.24, and Oil Search 0.9 per cent to $7.96.